Fonterra Shareholders? Fund (ASX:FSF) and Nestle have agreed to sell their Dairy Partners Americas Brazil joint venture to French dairy company Lactalis for about NZD$210M.

Fonterra?s Chief Executive Miles Hurrell says the sale is aligned with the Co-op?s strategy of prioritising its New Zealand milk pool:

?DPA Brazil has reached maturity as an investment for us, and the sale allows us to prioritise our resources to the businesses that are core to our strategy.?

Fonterra and Nestle created the joint venture in 2003 to manufacture and commercialise dairy products throughout Latin America and in 2024 it refocused its activities on Brazil and chilled dairy.